It is a normal concern for families in these times. With economic pressures mounting, it only makes sense to consider the financial impact of having children two (or more) at the same time. When your family grows by a single child, there are expenses. When it multiplies with multiples, the costs grow exponentially.
How Much Does It Cost to Raise Twins?
An estimate by the United States Department of Agriculture indicates that the cost of raising a child born in 2015 (the latest date for which figures are available) to the age of seventeen is $233,610. That figure does not include the cost of a college education. That figure is for an average family; the report suggests a range from $174,690 for lower-income families to $372,210 for higher income families. You can estimate the cost for your family by using a Cost to Raise a Child Calculator. However, financially savvy parents are wise to further consider the cost of a college education at the end of those seventeen years. With both of the children attending college at the same time – instead of a couple of years’ separation – that expense can be significant. Parents of twins would need to budget more than a quarter of a million dollars to provide a college education for their children.
Is It More Expensive to Have Twins?
There’s no doubt that having twins is more expensive than having one baby. However, there are also some ways that having twins would be more expensive than having two children of different ages. For example, the medical complications associated with a multiple birth may increase the expenses associated with a twin pregnancy or medical care for multiples. Also, with multiples, families lose the ability to diffuse expenses by recycling clothing, toys, and baby equipment. They are not able to utilize hand-me-downs, which can raise their budget for clothing and supplies for kids. Many expenses are simultaneous, instead of being spread out over time, such as the cost of daycare, diapers, auto insurance for teen drivers, or extracurricular activities. However, in breaking down the numbers encompassed in the USDA’s estimate, there are some costs that aren’t necessarily increased for twins. Housing represents the biggest chunk of expense in the agency’s estimate. The USDA concludes that housing represents 26 - 33% of the total cost of raising child spread out over a seventeen-year span. For most families, the cost of housing would remain the same whether they have one child or twins. Your rent or mortgage payment will not fluctuate because you have multiples, unless, of course, you have to move to a larger home because you’re having two children at the same time. I’d conclude that having twins is somewhat more expensive than having two children of different ages, due to the inability to recycle hand-me-downs. When you have to buy two of everything, that is, expenses are incurred because both children have needs simultaneously, whether diapers, new bikes, tennis lessons, or a class ring … having twins can be expensive. However, don’t be misled into thinking that discounts for multiples will overcome your budget shortfalls. At one time, merchants and manufacturers may have been generous in providing discounts for twins, triplets or more. These days, there are only a few discounts and deals that provide a break for multiple parents.
